Shortly after rumors about Sony possibly buying out Ericsson's portion of the Sony Ericsson mobile joint venture began surfacing back in October, the €1.05 billion ($1.36 billion) agreement was made officially official by the parties involved. Now it's been announced that the deal is complete. Sony has revealed that its acquisition of Telefonaktiebolaget LM Ericsson’s 50 percent stake in the joint venture known as Sony Ericsson is now complete, making SE a wholly-owned subsidiary of Sony that the company announced will be renamed to Sony Mobile Communications.
So there you go. The completion of Sony's purchase of Ericsson's portion of Sony Ericsson doesn't come as much of a surprise after the buyout was given EU approval last month, but it's still good to hear that deal is done. Now we wait to see what Sony decides to bring with it on its trip to Barcelona for Mobile World Congress later this month. Until then, you can find Sony's official press release announcing the deal's completion down below.
Sony Completes Full Acquisition of Sony Ericsson
Sony to Rename the Company Sony Mobile Communications and Accelerate Business Integration
February 16, 2012, Tokyo, Japan - Sony Corporation (“Sony”) today announced that the transaction to acquire Telefonaktiebolaget LM Ericsson’s (“Ericsson”) 50% stake in Sony Ericsson Mobile Communications AB (“Sony Ericsson”) has been completed as of February 15, 2012 (Central European time). This marks the completion of the transaction jointly announced by Sony and Ericsson on October 27, 2011, and makes Sony Ericsson a wholly-owned subsidiary of Sony.
Sony will rename Sony Ericsson “Sony Mobile Communications”, and further integrate the mobile phone business as a vital element of its electronics business, with the aim of accelerating convergence between Sony’s lineup of network enabled consumer electronics products, including smart phones, tablets, TVs and PCs.